Augustine Ehijeagbon Akhidime*, Eguasa Beauty Ekiomado 

Benson Idahosa University, Benin-City, Nigeria 

Abstract  

Although the adoption and implementation of International Financial Reporting Standards, IFRS, are receiving the serious attention of the Nigerian Government, efforts towards full transition from her local version of Generally Accepted Accounting Principle, GAAP, to IFRS are considered to be fraught with several challenges that appear to threaten the success of such efforts. This paper relies on extensive literature in identifying and discussing key IFRS enduring challenges and their implications on the success of Nigerian full transition to IFRS. The identified and discussed subsisting challenges include: the non-inclusion of IFRS in the curricula of Nigerian educational institutions, inadequate IFRS capacities by Nigerian auditors and accountants in and the non- amendment of extension of the transition period to allow for the fixing of the identified challenges if Nigeria is to be successfully IFRS compliant. 

Keywords: IFRS compliant; IFRS awareness; IFRS enduring challenges; IFRS road map; IFRS capacities